On these Excel sheets, you will need to prepare a complete projected income statement in the contribution format for each scenario, in the manner of a flexible budget. The cells will be checked for appropriate formulas, when appropriate. Please highlight the specific answer to the question being posed. Carolina Manufacturing Company has been operating at a loss for several years. A management team has assembled to determine what course of action to take next year to reach profitability. They begin by reviewing the most recent income statement (below). Sales (45,000 units at $15) Less cost of goods sold: Carolina Manufacturing Company Income Statement For the Year Ended December 31 $675,000 Direct materials 135,000 Direct labor 117,450 Manufacturing overhead 147,750 Gross margin 400,200 274,800 Less operating expenses Selling expenses Variable Sales commissi 40,500 Shipping 8,100 Fixed (advertisi 180,000 228,600 Administrative expenses Variable (billing Fixed (salaries 2,700 72,000 Net loss 74.700 ($28,500) All variable expenses vary with the number of units sold, except for sales commissions, which are based on a percentage of sales dollars. Variable manufacturing overhead is forty-five cents per unit. The plant has a capacity of 75,000 units per year. In order to facilitate the work of the management team, you are asked to prepare various spreadsheets and specific computations in Excel. A) Reformat the income statement in the contribution format. Include both a Total column and Per Unit column in the statement. B) Prepare two income statements in the contribution format (from Part A) which reflect each of the following independent scenarios: i) The controller would like to reduce the unit selling price by 20%. He believes that this would generate enough sales for the plant to reach capacity. ii) The sales manager would like to increase the selling price by 20%, increase the sales commission to 9% of sales, and increase advertising by $150,000. She believes that this would increase unit sales by one-third